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MINISTRY OF
INDUSTRY AND TRADE OF VIETNAM
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SOCIALIST
REPUBLIC OF VIETNAM
Independence – Freedom – Happiness
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No: 22/2025/TT-BCT
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Hanoi, April 26,
2025
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CIRCULAR
ON
CALCULATION OF AVERAGE ELECTRICITY RETAIL PRICES
Pursuant to Law on Electricity dated November
31, 2024;
Pursuant to Government’s Decree No.
40/2025/ND-CP dated February 26, 2025 on functions, tasks, powers and
organizational structure of the Ministry of Industry and Trade of Vietnam.
Pursuant to Government’s Decree No.
72/2025/ND-CP dated March 28, 2025 on means and interval for adjusting average
electricity retail prices;
At the request of the Director of Electricity
Regulatory Authority of Vietnam;
The Minister of Industry and Trade promulgates a
Circular on calculation of average electricity retail prices.
Chapter I
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Article 1. Scope and regulated
entities
1. This Circular provides guidance on the
calculation of average electricity retail prices stipulated in Article 4 of
Government’s Decree No. 72/2025/ND-CP dated March 28, 2025 on means and
interval for adjusting average electricity retail prices (hereinafter referred
to as “Decree No. 72/2025/ND-CP”)
2. This Circular shall apply to Vietnam Electricity
(hereinafter referred to as “EVN”); Power Corporation members; relevant
organizations and individuals.
Article 2. Interpretation of
terms
For the purposes of this Circular, the terms below
shall be construed as follows:
1. CPI refers to the consumer price index
provided by central statistics authority.
2. Operators of electricity systems and
electricity markets refer to units responsible for the functions of
national power system dispatch units and electricity market transaction
regulation units according to the Law on Electricity (currently the National
Power System and Market Operator Single-member Limited Liability Company –
NSMO)
3. Market electricity price refers to the
price for a defined unit of electricity for each transaction cycle, used to
calculate market electricity payments.
4. Capacity-add-on (CAN) price refers to the
price for each transaction cycle and is used to calculate electricity capacity
payments for power generation units in the electricity market.
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6. Year N refers to the year (from January 1
to December 31 of the calendar year) in which the average electricity retail
price is calculated according to the regulations in this Circular.
7. Year N-1 is the Gregorian calendar year
immediately preceding Year N.
8. Year N-2 is the Gregorian calendar year immediately
preceding Year N-1.
9. BOT power plant refers to an power plant
invested in the Build-Operate-Transfer form through a contract between
investors and competent authorities.
10. Total commercial electricity output refers
to the total electricity output sold by EVN and Power Corporations to
customers.
11. Power Corporation refers to the member
power corporations of Vietnam Electricity, including Northern Power
Corporation, Southern Power Corporation, Central Power Corporation, Hanoi Power
Corporation, and Ho Chi Minh City Power Corporation.
Chapter II
METHODS OF DETERMINING
AVERAGE ELECTRICITY RETAIL PRICES
Section 1. METHODS OF
DETERMINING THE ANNUAL AVERAGE ELECTRICITY RETAIL PRICE
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1. Average retail electricity price in year N shall
be calculated using formula prescribed in Clause 2, Article 4 of Decree
No. 72/2025/ND-CP .
2. Power generation cost; costs of power plants
providing electricity ancillary services; costs of purchasing electricity
transmission services, cost of electricity distribution - retail, costs of
purchasing electricity dispatch services and electricity market operation
services, and costs for industry coordination – management shall be determined
in accordance with Articles 4, 5, 6, 7, 8, and 9 of this Circular. {0
3. Electricity output of a power plant in year N
shall be determined in accordance with the plan for power supply and operation
of national power system for year N.
4. Total expected commercial electricity output for
year N shall be calculated by EVN in accordance with the plan for power supply
and operation of national power system for year N.
5. Applications for annual average electricity
retail price plan shall comply with Clause 2 Article 5 of Decree No.
72/2025/ND-CP .
Article 4. Method of
determining the total power generation cost
1. Total power generation cost in year N (CPĐ)
shall be determined using the following formula:
CPĐ= CTTĐ
+ CĐMT + CBOT + CTTN + CNLTT +
CNK
Where:
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b) CĐMT: Total cost and normal profit in
year N (VND) from multi-purpose strategic hydropower plants and other dependent
power plants during the period prior to participation in the competitive
electricity market of EVN, determined as prescribed in Clause 3 of this
Article.
c) CBOT: Total electricity purchase cost
in year N (VND) from BOT power plants, determined as prescribed in Clause 2 of
this Article;
d) CTTN: Total electricity purchase cost
in year N (VND) from small-scale renewable energy power plants, determined as
prescribed in Clause 2 of this Article;
dd) CNLTT: Total electricity purchase
costs of year N (VND) from power plants using renewable energy and new energy,
including electricity storage system, determined as prescribed in Clause 2 of
this Article;
e) CNK: Total electricity purchase cost
in year N (VND) via electricity import, determined as prescribed in Clause 2 of
this Article;
a) Electricity output of power plants: as
prescribed in Article 3 of this Circular;
b) Electricity output of power plants using
renewable energy and new energy provided by operators of electricity systems
and electricity markets;
c) Contractual output (Qc) of power plants directly
participating in the electricity market provided by operators of electricity
systems and electricity markets;
d) Average monthly market electricity price shall
be calculated on the basis of electricity market simulation of operators of
electricity systems and electricity markets according to the electricity market
operation plan in year N;
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e) Electricity price and input parameters related
to fuel, exchange rates of power plants directly and indirectly participating
in the electricity market, BOT power plants, power plants using renewable
energy and new energy, and electricity import shall be determined on the basis
of the electricity prices used for calculation of the plan for power supply and
operation of national power system in year N. For power plants expected to be
operational in year N without electricity price determination, EVN shall
propose an estimated price to estimate costs for year N;
g) Electricity purchase costs from small-scale
renewable energy power plants applying the avoided cost tariff shall be
determined according to avoided cost tariff in year N (if avoided cost tariff
for year N is not available, avoided cost tariff for year N-1 shall be
applicable) and the structure of peak, normal, and off-peak electricity output
per month for each region in year N based on the ratio of electricity output structure
per month for each region estimated in year N-1;
h) Electricity purchase cost of power plants
directly participating in the electricity market shall be calculated and
provided by operators of electricity systems and electricity markets.
3. Methods of determining total cost and normal
profit in year N (VND) from multi-purpose strategic hydropower plants and other
dependent power plants during the period prior to participation in the
competitive electricity market of EVN shall be determined as follows:
b) Normal profit shall be determined in accordance
with Clause 5 Article 4 of Decree No. 72/2025/ND-CP .
Article 5. Methods of
determining the total cost of power plants providing electricity ancillary
services
1. Total cost of power plants providing electricity
ancillary services in year N, including testing costs of power plants, shall be
determined according to contracts for provision of ancillary services, where:
a) Electricity output shall be determined in
accordance with Article 3 of this Circular;
b) Electricity prices and input parameters related
to fuel, exchange rates shall be determined based on the parameters used by
operators of electricity systems and electricity markets in formulating the
plan for power supply and operation of national power system in year N.
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Article 6. Methods of
determining the total cost of purchasing electricity transmission services
Total cost of purchasing electricity transmission
services in year N (CTT) is the total revenue of electricity
transmission services allowed to be determined according to the regulations on
methods, applications, procedures, and approval process for electricity
transmission service prices issued by the Minister of Industry and Trade.
Article 7. Methods of
determining the total cost of electricity distribution - retail and normal
profit
1. Total electricity distribution – retail
cost in year N is the total electricity distribution – retail cost of
Power Corporations determined according to the regulations on methods,
procedures, and approval process for electricity wholesaling price bracket;
methods of determining wholesale electricity prices; and main contents of power
purchase agreements issued by the Minister of Industry and Trade.
2. Normal profit shall be determined in accordance
with Clause 5 Article 4 of Decree No. 72/2025/ND-CP .
Article 8. Methods of
determining the total cost of purchasing electricity dispatch services and
electricity market operation services
Total cost of purchasing electricity
dispatch services and electricity market operation services in year N (CĐĐ)
is the total revenue of electricity dispatch services and electricity market
operation services allowed for year N by operators of electricity systems and
electricity markets, determined according to the regulations on methods,
applications, procedures, and approval process for electricity dispatch
services and electricity market operation services prices issued by the
Minister of Industry and Trade.
Article 9. Methods of
determining the total cost for industry coordination – management and normal
profit
Total cost for industry coordination – management
includes management costs engaged in electricity generation and business of
EVN. Total cost for industry coordination – management and normal profit in
year N (Cchung) shall be determined using the following
formula:
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Where:
a) CVL: Total outsourced service cost in
year N of the ancillary service provider shall be determined based on data
audited by an independent audit firm in year N-2, excluding any extraordinary
and abnormal costs incurred in Year N-2, with annual indexation adjusted based
on average CPI of the 03 most recent years prior to the cost determination
period, as published by the central statistical agency. Additionally, the
reasonable projected costs arising in Year N that were not accounted for or not
fully accounted for in Year N-2 shall be included.
b) CTL: CTLi,N : total labor costs in
year N (VND), including total wages and wage-related expenses such as
electrical safety allowances, health insurance, social insurance, unemployment
insurance, and trade union fees, determined in accordance with relevant legal
regulations;
c) CKH: Total depreciation costs of
fixed assets in year N (VND), determined based on the regulations on the management,
utilization, and depreciation of fixed assets issued by the Ministry of Finance
or other competent authorities;
d) CSCL: Total major repair costs in
Year N (VND), determined based on the estimated repair items for Year N as
approved by the competent authority;
dd) CMN: Total outsourced service cost
in year N (VND), determined based on audited financial reports on the results
of inspections or disclosure of electricity generation costs in year N-2,
excluding any extraordinary and abnormal costs incurred in Year N-2, with
annual indexation adjusted based on average CPI of the 03 most recent years
prior to the electricity retail cost determination period. Additionally, the
reasonable projected costs arising in Year N that were not accounted for or not
fully accounted for in Year N-2 shall be included.
e) CBTK: Total other monetary costs in
year N (VND), including: taxes, fees, charges, land rents, meal allowances and
other monetary expenses estimated for year N. Taxes, fees, charges, land rents,
meal allowances and other monetary expenses estimated for year N shall be
determined in accordance with regulations. Total other monetary costs in year N
(VND) shall be determined based on audited financial reports on the results of
inspections or disclosure of electricity generation costs in year N-2,
excluding any extraordinary and abnormal costs incurred in Year N-2, with
annual indexation adjusted based on average CPI of the 03 most recent years
prior to the electricity retail cost determination period. Additionally, the
reasonable projected costs arising in Year N that were not accounted for or not
fully accounted for in Year N-2 shall be included.
g) CTC: Total financial costs in year N
(VND), including: total interest expenses, bond issuance costs, financial lease
expenses, and loan-related fees payable in Year N determined based on
contracts, legally binding documents, and projected loans for generation and
business activities in Year N; foreign exchange rate differences determined in
accordance with financial accounting;
h) GT: Cost deductions (VND);
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k) In cases where independent audit data for year
N-1 is available, use the data for material costs, outsourced service costs,
and other monetary costs of year N-1 to calculate the corresponding costs for
year N.
Section 2. METHODS OF
DETERMINING THE ANNUAL AVERAGE ELECTRICITY RETAIL PRICE
Article 10. Methods of
determining the annual average electricity retail price
1. Average retail electricity price in year N shall
be calculated using formula prescribed in Clause 2, Article 4 of Decree
No. 72/2025/ND-CP .
2. These parameters shall be kept constant in
annual average electricity retail price plans: Total cost of purchasing
electricity transmission services, electricity dispatch - operation services
and market operation services; total cost of electricity distribution – retail
and normal profit; total cost for industry coordination – management and normal
profit.
3. Total generation cost, total costs of power
plants providing electricity ancillary services updated shall be updated
quarterly in accordance with Article 11 and Article 12 of this Circular.
4. Applications for annual average retail
electricity price shall be specified in Clause 2, Article 6 of Decree No.
72/2025/ND-CP .
Article 11. Method of
determining the total power generation cost
1. Electricity output shall be determined according
to the operation method of the national power system in April of year N for the
updated price update plan for the first quarter, in July of year N for the
updated price update plan for the second quarter, and in October of year N for
the updated price update plan for the third quarter, or the updated price plan
for power supply and operation of national power system in year N.
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3. Total generation cost updated quarterly in year
N shall be determined using the formula prescribed in Clause 1, Article 4 of
this Circular.
4. Electricity purchase costs from power plants
updated quarterly in year N, which are directly and indirectly participating in
the electricity market (excluding multi-purpose strategic hydropower plants and
other dependent power plants that have not participated in the competitive
electricity market of EVN), BOT power plants, small-scale renewable energy
power plants, power plants using renewable energy and new energy including
electricity storage system, and electricity import shall be determined on the
basis of power purchase agreements, electricity purchasing costs for the first
few months of the year, and estimated electricity purchasing costs for the
remaining months in the year, where:
a) Electricity purchasing costs for the first few
months of year N shall be determined on the basis of actual electricity
purchasing cost payment documents, estimated for expenses that do not have or
do not have complete payment documents at the time of pricing plan formulation;
b) Estimated electricity purchasing costs for
remaining months of year N shall be determined based on:
b1) Expected electricity output for last months of
the year as prescribed in Clause 1 of this Article;
b2) Electricity output of power plants using
renewable energy and new energy for last month of the year provided by the
operators of electricity systems and electricity markets;
b3) Contracted electricity output (Qc) of power
plants directly participating in the electricity market announced by operators
of electricity systems and electricity markets at the time of formulating the
plan for power supply and operation of national power system for year N, which
is updated to the time of calculation of the national electricity system
operation method as prescribed in Clause 1 of this Article;
b4) Monthly average market electricity price shall
be calculated by operators of electricity systems and electricity markets based
on the results calculated in April for formulating the updated price update
plan for the first quarter of year N, in July for formulating the updated price
update plan for the second quarter of year N, and in October for formulating
the updated price update plan for the third quarter of year N, or the updated
price plan for power supply and operation of national power system in year N;
b5) Monthly average market capacity price according
to the approved electricity market operation plan for year N;
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b7) Electricity purchase costs from small-scale
renewable energy power plants applying the avoided cost tariff: shall be
determined according to avoided cost tariff in year N (if avoided cost tariff
for year N is not available, avoided cost tariff for year N-1 shall be
applicable) and the structure of peak, normal, and off-peak electricity output
for the remaining months for each region in year N based on the corresponding
ratio of electricity output structure per month for each region estimated in
year N-1;
c) Electricity purchase cost of the remaining
months of year N from power plants directly participating in the electricity
market calculated and provided by operators of electricity systems and
electricity markets.
5. Total costs from multi-purpose strategic
hydropower plants and other dependent power plants during the period prior to
participation in the competitive electricity market of EVN shall be updated
quarterly in year N including taxes, fees, and payments that vary based
on electricity output and fuel costs. The quarterly updated electricity output
used to calculate taxes, fees, payments, and fuel costs is the electricity
output as prescribed in Clause 1 of this Article. Profit according to the
annual average electricity retail price plan.
Article 12. Methods of
determining total costs of power plants providing electricity ancillary
services
1. Total costs of power plants, generating groups
proving electricity ancillary services shall be updated quarterly in year N
based on the principles of costs for the first months of year N stipulated in
Clause 2 of this Article, and estimated costs for the remaining months in year
N stipulated in Clause 3 of this Article.
2. Electricity purchasing costs for the first few
months of year N which have been incurred shall be determined based on payment
documents for electricity purchasing costs for power plants with payment
records and estimates for power plants without payment records. In cases where
power plants, generator groups affiliated to EVN have signed power purchase
agreements with Power Corporations and participate in providing electricity
ancillary services, fuel costs, operation and maintenance costs shall be
calculated based on actual incurred costs.
3. Estimated electricity purchasing costs for the
remaining months of year N for power plants and generator groups providing
electricity ancillary services shall be determined based on:
a) Estimated electricity output for the remaining months
of year N shall be determined in accordance with Clause 1, Article 11 of this
Circular;
b) Electricity prices and input parameters related
to fuel, exchange rates for the remaining months of year N shall be determined
in accordance with Clause 2, Article 11 of this Circular.
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IMPLEMENTATION
Article 13. Responsibilities
of the Electricity Authority
Take charge, cooperate with relevant agencies to
report to the Minister of Industry and Trade on inspection, review, and
supervision of the average retail electricity price plan developed and adjusted
by EVN, in accordance with Decree No. 72/2025/ND-CP .
Article 14. Responsibilities
of EVN
EVN shall comply with Decree No. 72/2025/ND-CP and
regulations stipulated in this Circular.
Article 15. Responsibilities
of operators of electricity systems and electricity markets
Operators of electricity systems and electricity
markets shall calculate and provide data to EVN in accordance with Article 4,
Article 5, Article 8, and Article 11 of this Circular.
Article 16. Effect
1. This Circular comes into force from the date on
which it is signed.
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PP. MINISTER
DEPUTY MINISTER
Nguyen Hoang Long
Đã cập nhật Luật Đất đai 2024 mới nhất